Rockpoint teams up with Cordish, Caesars Entertainment on Pompano Beach development project
The first phase of the project will kick off next spring.
Boston-based real estate private equity firm Rockpoint has unveiled plans to develop a trophy industrial site at Florida’s Pompano Beach submarket. The firm will work with Cordish Companies and Caesars Entertainment to develop the property, which includes 1.5 million square feet of rentable space on 87.8 acres of land.
The first stage of site development at Pompano Beach is scheduled to begin next May. The project will consist of three phases, which will be led by Rockhill Management, along with The Cordish Companies and Caesars Entertainment.
Rockpoint Managing Member Tom Gilbane commented on the pending project by saying, “Rockpoint is pleased to work with Cordish and Caesars in transforming this strategically situated multi-hundred-acre site as part of the master plan.
“This investment provides Rockpoint with an opportunity to deliver a unique industrial property in an important and undersupplied market.
“Despite an overall sense of caution with respect to new investments in the current capital markets environment, we are excited about this opportunity given the attractiveness of our basis combined with significant rent growth that Broward County is experiencing as a result of historically low vacancy levels coupled with continued high demand.”
This location is part of a larger development 223-acre development project that is currently underway. The Cordish Companies and Caesars Entertainment are working on a mixed-used destination called The Pomp.
The Cordish Companies VP of Development Corey Long said, “As progress continues across every facet of The Pomp, we are thrilled to work with Rockpoint on the industrial component of this game-changing project.
“Rockpoint is one of the premier real estate companies in the United States. Today’s announcement continues our commitment to deliver a transformative, best-in-class development for the City of Pompano Beach and South Florida.”
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